From the International Desk
Published 5/23/2003 12:49 PM
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Army seizes apparent $500 million in gold

WASHINGTON, May 23 (UPI) -- U.S. soldiers in Iraq seized what is believed to be some $500 million worth of gold during a routine vehicle search near the border with Syria, U.S. Central Command said. Soldiers from the 3rd Armored Cavalry Regiment stopped a Mercedes truck in al-Qaim Thursday and discovered 2,000 40-pound, 10-inch long ingots. The driver and passenger in the vehicle said they had been paid about $350 to pick up the truck in Baghdad and drive it to al-Qaim. They said they were told the bars were bronze. The truck, the two men and the bars are in the custody of the U.S. Army. If the ingots are gold, depending on their purity they could be worth about $500 million.

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Experts discuss Iraq reconstruction

BEIRUT, Lebanon, May 23 (UPI) -- Arab and foreign experts Friday estimated that Iraq's reconstruction costs would run between $25 billion and $100 billion but warned the final total could be much higher. Jack Sheehan, first vice president of Bechtel, which was granted the first $680 million contract for reconstructing Iraq, said the U.S. company was to rehabilitate some infrastructure facilities and "to focus on Iraq's emergency needs." Sheehan said rebuilding Iraq would cost tens of billions of dollars and will cover the reconstruction of Um Qasr port, airport, land transportation lines and water and irrigation projects as well as buildings and other services.

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Powell says peace plan won't change

PARIS, May 23 (UPI) -- U.S. Secretary of State Colin Powell said Friday that Washington was open to "comments" from Israel on a new peace plan but rejected any major changes to the "road map." "We have told the Israeli government that we would take their comments into consideration, and address them fully and seriously, as we went forward in the implementation of the road map," Powell said, speaking to reporters in Paris. Powell spoke at the end of a two-day foreign ministers' meeting of G-8 countries held at a downtown Paris hotel. Among other issues, the ministers discussed Iraq's reconstruction, terrorism, the sluggish world economy, concerns about North Korea and Iran, and African development.

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Koreas agree on cooperation amid tension

SEOUL, South Korea, May 23 (UPI) -- North and South Korea Friday wrapped up four days of talks with an agreement on a series of measures to restart economic projects stalled over Pyongyang's nuclear ambitions. The last-minute agreement came after South Korea accepted the North's explanation of threats issued at Tuesday's opening session. The vice minister-level talks were on the verge of rupture after North Korea's chief delegate threatened South Korea with "unspeakable disaster," accusing it of siding with the United States in the dispute over the North's nuclear weapons programs. North Korea Friday expressed regret -- a rare move -- for the threatening remarks, said government officials in South Korea.

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Senate approves $330 billion tax cut

WASHINGTON, May 23 (UPI) -- In a span of hours early Friday, the House and Senate -- with Vice President Dick Cheney casting the tie-breaking vote -- approved legislation to reduce taxes for businesses, families and investors, while providing new spending for cash-strapped state governments. Cheney was on hand to break a 50-50 tie, sending the bill calling for some $330 billion in tax cuts to President George W. Bush's desk. Bush has already endorsed the measure, even though it was less than half his originally requested $750 billion in cuts.

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DaimlerChrysler scraps Canada plant plan

DETROIT, May 23 (UPI) -- German-American automaker DaimlerChrysler has decided not to build a new $1.2 billion assembly plant in Windsor, Canada, because of sagging auto sales. Chrysler's domestic sales fell 7 percent in the first quarter of 2003. The decision is a blow to the Canadian Auto Workers union, which has lost nearly 13,000 members since 1999 as automakers build new facilities in Mexico and the southern United States.

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Stocks lifted by tax cut package

NEW YORK, May 23 (UPI) -- Prices on the New York Stock Exchange and the Nasdaq Stock Market were slightly higher in cautious pre-holiday trading Friday after the U.S. Senate passed a $330 billion tax cut package aimed at igniting economic growth. Trading activity was described as light as investors opted for the sidelines ahead of the long Memorial Day weekend. Trading will resume on Tuesday. In early afternoon trading, the blue-chip Dow Jones industrial average, which rose 77.59 points Thursday, was ahead 27.81 points to 8,621.83. The tech-heavy Nasdaq composite index, which gained 17.68 points in the previous session, was ahead 6.47 points to 1,514.02.

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Hawaiian beach named No. 1 in nation

MIAMI, May 23 (UPI) -- Dr. Beach, also known as Stephen Leatherman of Florida International University, announced his list of the nation's top beaches on the eve of Memorial Day weekend Friday, and the winner is Kaanapali, Hawaii. Second on the list was Port De Soto Park, Fla., and Ocracoke Island, N.C., was third. Fourth was Hanalei Bay, Hawaii, and fifth was Caladesi Island State Park, Fla. Kaanapali Beach in Hawaii is three miles long and on the dry, sunny side of Maui.